Updated 1/13/2023; 10:17 A.M. EST
The American Rescue Plan Act of 2021 modified the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, then extended and expanded under the Consolidated Appropriations Act of 2021. This employment tax credit encourages businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency.
*Qualifications for the credit vary depending on specific time period requirements; however, calendar quarters in 2020 and 2021 may be eligible. For an overview of eligibility: click here.
*Current clients - it is advised that you contact your tax accountant here at the firm to inquire further on this, as we have partnered with a resource to help businesses determine & substantiate eligibility for this credit.